Can a freelancer claim expenses?

“Income from Business and Profession” covers income earned from freelancing work under the Income Tax. Freelancers can claim expenses incurred on such income while filing their ITR. Freelancers/ Professionals also have an option to opt for the presumptive taxation scheme under the income tax act.

Following are the Expenses that can be claimed:

• RENT
• REPAIRS
• OFFICE SUPPLIES
• ELECTRICITY
• FUEL EXPENSES
• MEMBERSHIP FEES 
• ADVERTISEMENT EXPENSE
• BOOKS, MAGAZINES, REFERENCE MATERIAL
• TRAVELING EXPENSES
• DEPRECIATION

To know more read our blog here.